Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Bloomberg U.S. Dollar Bullish Fund (the ‘‘Fund’’) seeks to provide total returns, before fees and expenses, that exceed the performance of the Bloomberg Dollar Total Return Index (the ‘‘Index’’). The Fund seeks to achieve its investment objective by investing in short-term securities and instruments designed to potentially benefit as the U.S. dollar appreciates in value relative to a basket of global currencies. Although the Fund invests in short-term, investment grade instruments, the Fund is not a ‘‘money market’’ fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 6.09% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). The last twelve months featured a “strong dollar” environment in foreign exchange markets, where the value of the U.S. dollar strengthened relative to a broad basket of foreign currencies. Elevated uncertainty in global equity markets, marked by geopolitical risks and a global economic slowdown, increased demand for what investors perceive to be high quality and safe investments, such as dollar-denominated U.S. Treasury securities. The increased demand strengthened the U.S. dollar further, especially as foreign investors would have to use their currencies to buy U.S. dollars and then purchase U.S. Treasury debt and other U.S. dollar-denominated assets. The Fund’s short positioning to European currencies, such as the Euro and British pound, were particularly additive due to geopolitical and economic uncertainties in the region weighing on the relative strength of each. The Fund’s positioning with respect to the Japanese yen and Mexican peso were primary detractors from Fund performance.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Chinese Yuan Strategy Fund (the ‘‘Fund’’) seeks to achieve total returns reflective of both money market rates in China available to foreign investors and changes in value of the Chinese yuan relative to the U.S. dollar. The Fund seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to Chinese currency and money market rates. The Chinese yuan is a developing market currency, which can experience periods of significant volatility. Although the Fund invests in short-term, investment grade instruments, the Fund is not a ‘‘money market’’ fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned -1.59% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). During the past fiscal year, the Fund’s performance was driven primarily by Chinese yuan’s fluctuation due to the U.S.-China trade war. The Chinese yuan was relatively stable during the fourth quarter of 2018. However, in early January 2019, the Chinese yuan had a sharp up-tick, an appreciation of 1.5% due to a weakened U.S. dollar and investors’ optimism for a U.S.-China trade deal. The intensification of the U.S.-China trade war led to the depreciation of yuan in August 2019, when the People’s Bank of China set the currency’s daily exchange rate to more than 7 Chinese yuan to 1 U.S. dollar. The Fund fell 1.9% after the devaluation of yuan in one day. The aggravated relationship between the U.S. and China resulted in a further depreciation of the yuan, which contributed to the Fund’s negative return overall during the fiscal year.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Emerging Currency Strategy Fund (the ‘‘Fund’’) seeks to achieve total returns reflective of both money market rates in selected emerging market countries available to foreign investors and changes to the value of these currencies relative to the U.S. dollar. The Fund seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to the currencies and money market rates of selected emerging market countries. Emerging market currencies can experience periods of significant volatility. Although the Fund invests in short-term, investment grade instruments, the Fund is not a ‘‘money market’’ fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 3.12% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). During the past fiscal year, the Fund’s performance was driven primarily by emerging market’s currency fluctuations. In particular, the currencies include the Brazilian real, Chilean peso, Colombian peso, and Mexican peso from Latin America; Chinese yuan, Indian rupee, Indonesian rupiah, Malaysian ringgit, Philippine peso, South Korean won, Taiwanese dollar, and Thai baht from Asia; Polish zloty, Russian ruble, South African rand, and Turkish lira from Europe, the Middle East, and Africa, respectively. During the fourth quarter of 2018 and first quarter of 2019, the Fund generated a positive return due to global investors’ optimism of a trade deal between the U.S. and China as well as an optimistic outlook for economic growth in emerging markets. However, since the escalation of the U.S.-China trade war in June 2019, poor growth expectation for emerging markets led to the depreciation of emerging market currencies. As central banks across emerging markets started cutting rates, the value of emerging market currencies rebounded to offset the loss.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Emerging Markets Corporate Bond Fund (the ‘‘Fund’’) seeks a high level of total return consisting of both income and capital appreciation. The Fund attempts to achieve its objective through investments in debt securities issued by corporate entities that are domiciled in, or economically tied to, emerging market countries.

The Fund returned 10.69% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). The largest contributors to the Fund’s performance were its overweight positions in Brazil, Turkey, and Russia. The largest detractors to the Fund’s performance were its positions in Argentina and Jamaica. The Fund’s performance was driven largely by the rate movement across emerging markets. Due to the escalation of the U.S.-China trade war, the uncertainty of Brexit, and the falling expectation of global economic growth, most emerging markets rates fell. This led to a higher return on emerging market corporate bonds with bond coupons contributing significantly to the returns. During the fiscal year, emerging market corporate bonds in general rallied as investors fled to the asset class to capture price increases as interest rates on emerging market corporate bonds fell.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Emerging Markets Local Debt Fund (the ‘‘Fund’’) seeks a high level of total return consisting of both income and capital appreciation. The Fund attempts to achieve its objective through investments in fixed income instruments denominated in the local currencies of emerging market countries.

The Fund returned 11.54% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). The largest contributor to the Fund’s performance was its overweight position in Brazil. The largest detractor to the Fund’s performance was its position in Argentina. The Fund’s performance was driven largely by the rate movement across emerging markets region. Due to the escalation of the U.S.-China trade war, the uncertainty of Brexit, and the falling expectation of global economic growth, most developed market rates fell significantly. During the first and second quarter of 2019, the decline of rates in the developed market led to a fall in emerging markets rates. There is an inverse relationship between bond rates and bond prices (i.e. when bond rates rise, bond prices fall, and vice-versa), as a result, these rate movements contributed positively to the Fund’s performance for the fiscal year as emerging market rates fell which led to an increase in the overall valuation of the bonds held in the Fund’s portfolio.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Floating Rate Treasury Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg U.S. Treasury Floating Rate Bond Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in floating rate public obligations of the U.S. Treasury. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 2.06% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). The floating rate nature of this strategy has allowed the Fund to benefit from rising short-term U.S. rates while minimizing the impact of a gradual rate hike by the U.S. Federal Reserve (the “Fed”). Over the fiscal year, the Fed raised rates twice and then began to enact rate cuts (with one rate cut occurring toward the end of the fiscal year) due to global economic concerns. During a falling rate environment, the spreads of the floating rate notes increased due to less demand at the individual note auctions. This caused higher yields over its U.S. T-bill counterparts and helped to dampen an otherwise falling treasury yield curve. During the fiscal year, yields on U.S. Treasuries declined as follows: the 10-year yield fell from 2.86% to 1.50%, the 5-year yield decreased from 2.74% to 1.39%, the 2-year yields decreased from 2.62% to 1.50%, and the 3-month yield decreased from 2.11% to 1.99%.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Interest Rate Hedged High Yield Bond Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Zero Duration Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests mainly in short-term non-investment grade U.S. corporate fixed income securities having effective maturities generally shorter than five years and obtains short exposure to U.S. Treasuries such that the Fund’s total portfolio duration approximates zero years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 1.68% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). As interest rates fell dramatically over the fiscal year, the Fund faced headwinds from its position in short U.S. Treasury futures contracts it used to hedge out the duration exposure of the Fund’s long bond positions. As a result, the Fund’s zero duration strategy was a drag on performance. Due to a flat and inverted yield curve during the period, the Fund at times benefited from hedging out its duration exposure, net of the interest earned from the collateral posted for the futures contracts. However, overall, the Fund’s use of short futures contracts on U.S. Treasuries detracted from Fund performance during the fiscal year. The Fund’s positions in longer-term corporates benefited more so than the shorter-term corporates. High yield spreads widened leading into the end of 2018, as the market faced a risk-off environment, causing high yield corporates to underperform. However, from the beginning of 2019 to the end of the fiscal year, high yield spreads tightened, and high yield corporates began to outperform.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Barclays Rate Hedged U.S. Aggregate Bond Index, Zero Duration (the ‘‘Index’’). In seeking to track the Index, the Fund invests mainly in U.S. investment grade fixed income securities and obtains short exposure to U.S. Treasuries such that the Fund’s total portfolio duration approximates zero years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 2.69% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). As interest rates fell dramatically over the fiscal year, the Fund faced headwinds from its position in short U.S. Treasury futures contracts it used to hedge out the duration exposure of the Fund’s long bond positions. As a result, the Fund’s zero duration strategy was a drag on performance. Due to a flat and inverted yield curve during the period, the Fund at times benefited from hedging out its duration exposure, net of the interest earned from the collateral posted for the futures contracts. However, overall, the Fund’s use of short futures contracts on U.S. Treasuries detracted from Fund performance during the fiscal year. The Fund’s long positions in long-term bonds and corporates benefited performance and helped to offset larger losses from the futures contracts, as spreads tightened and corporates outperformed during the fiscal year.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Negative Duration High Yield Bond Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Negative Seven Duration Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests mainly in short-term non-investment grade U.S. corporate fixed income securities having effective maturities generally shorter than five years and obtains short exposure to U.S. Treasuries such that the Fund’s total portfolio duration approximates negative seven years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -8.18% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). As interest rates fell dramatically over the fiscal year, the Fund faced headwinds from its position in short U.S. Treasury futures contracts it used to hedge out the duration exposure of the Fund’s long bond positions. As a result, the Fund’s negative duration strategy was a drag on performance. Due to a flat and inverted yield curve during the period, the Fund at times benefited from hedging out its duration exposure, net of the interest earned from the collateral posted for the futures contracts. However, overall, the Fund’s use of short futures contracts on U.S. Treasuries detracted from Fund performance during the fiscal year. The Fund’s positions in longer-term corporates benefited more so than the shorter-term corporates. High yield spreads widened leading into the end of 2018, as the market faced a risk-off environment causing high yield corporates to underperform. However, from the beginning of 2019 to the end of the fiscal year, high yield spreads tightened, and high yield corporates began to outperform.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Negative Duration U.S. Aggregate Bond Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Barclays Rate Hedged U.S. Aggregate Bond Index, Negative Five Duration (the ‘‘Index’’). In seeking to track the Index, the Fund invests mainly in U.S. investment grade fixed income securities and obtains short exposure to U.S. Treasuries such that the Fund’s total portfolio duration approximates negative five years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -3.98% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). As interest rates fell dramatically over the fiscal year, the Fund faced headwinds from its position in short U.S. Treasury futures contracts it used to hedge out the duration exposure of the Fund’s long bond positions. In addition, the Fund’s negative duration strategy was a drag on performance. Due to a flat and inverted yield curve during the period, the Fund at times benefited from hedging out its duration exposure, net of the interest earned from the collateral posted for the futures contracts. However, overall, the Fund’s use of short futures contracts on U.S. Treasuries detracted from Fund performance during the fiscal year. The Fund’s long positions in long-term bonds and corporates benefited performance and helped to offset larger losses from the futures contracts, as spreads tightened and corporates outperformed during the fiscal year.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Yield Enhanced Global Aggregate Bond Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Barclays Global Aggregate Enhanced Yield Index (USD Hedged) (the ‘‘Index’’). In seeking to track the Index, the Fund mainly invests in global investment grade fixed income securities while attempting to neutralize the exposure to the fluctuation in the value of foreign currencies relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and and other characteristics of the Index as a whole. The Fund may invest in exchange-traded funds (each, an ‘‘Underlying Fund’’) that invests in component securities of the Index or securities that have economic characteristics that are substantially identical to the economic characteristics of such component securities.

The Fund returned 13.24% at net asset value (“NAV”) for the fiscal period from December 13, 2018 (commencement of operations) through August 31, 2019 (for more complete performance information please see the table below). Its position in U.S. fixed income, proxied by its investment in the WisdomTree Yield Enhanced U.S. Aggregate Bond Fund, was additive for performance, as it was able to outpace the broader bond market during a period where fixed income investments were in high demand. Elevated uncertainty in global equity markets, marked by geopolitical risks and an economic slowdown, increased demand for what investors perceived to be higher quality investments, such as developed market sovereign debt and investment grade corporate debt. As a result, the Fund’s positions in global corporate, government, mortgage-backed, and U.S. Treasury debt aided performance due to the increased global demand for yield. During the fiscal period, the Fund utilized forward foreign currency contracts to offset applicable international currency exposure from positions in international bonds. The Fund’s use of forward foreign currency contracts contributed positively to Fund performance as a result of the U.S. dollar strengthening against applicable international currencies during the fiscal period.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Barclays U.S. Aggregate Enhanced Yield Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests mainly in U.S. investment grade fixed income securities. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 11.92% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). Falling rates over the fiscal year positively affected performance due to the Fund’s longer duration relative to the benchmark. Investment grade spreads widened from the beginning of the fiscal year through the end of 2018, but then tightened for the remainder of the fiscal year, remaining relatively unchanged overall. The Fund’s overweight to investment grade credit securities and underweight to U.S. Treasury securities contributed positively to performance as a result. From a sector perspective, the Fund’s overweight to Energy sector corporate bonds contributed negatively to performance as oil prices fell over the fiscal year. However, the Fund’s sector overweight to Financials contributed positively to performance. The Fund’s position in longer-term corporate bonds contributed positively to performance while its position in shorter-term government bonds contributed less positively to performance. In addition, the Fund benefited from its overweight to Baa-rated bonds (rating levels from Aaa through Baa — ranked highest to lowest — constitute the “investment grade” portion of the credit spectrum) as spreads tightened throughout the bottom tier of the investment grade spectrum.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Barclays U.S. Short Aggregate Enhanced Yield Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests mainly in short-term U.S. investment grade fixed income securities having effective maturities generally shorter than five years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 6.43% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). Falling rates over the fiscal year positively affected performance due to the Fund’s longer duration relative to the benchmark. Investment grade spreads widened from the beginning of the fiscal year through the end of 2018, but then tightened for the remainder of the fiscal year, remaining relatively unchanged overall. The Fund’s overweight to investment grade credit securities and underweight to U.S. Treasury securities contributed positively to performance as a result. From a sector perspective, the Fund’s overweight to Energy sector corporate bonds contributed negatively to performance as oil prices fell over the fiscal year. However, the Fund’s sector overweight to Financials contributed positively to performance. The Fund’s position in intermediate term corporate bonds contributed positively to performance while its position in short term government bonds contributed less positively to performance. In addition, the Fund benefited from its overweight to Baa-rated bonds (rating levels from Aaa through Baa — ranked highest to lowest — constitute the “investment grade” portion of the credit spectrum) as spreads tightened throughout the bottom tier of the investment grade spectrum.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree CBOE Russell 2000 PutWrite Strategy Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the CBOE Russell 2000 PutWrite Index (the ‘‘Index’’), utilizing a strategy of writing put options on the Russell 2000 Index. The strategy is designed to receive a premium from the option buyer by selling (i.e. writing) a sequence of one-month, at-the-money, Russell 2000 Index put options.

The Fund returned -9.39% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). U.S. equity markets saw significant periods of volatility during the past fiscal year, where the Russell 2000 Index often lost value in short periods of time, which means that the Fund’s underlying put options would finish “in-the-money” and the Fund would have to pay the option buyer the difference between the option strike price and the value of the Russell 2000 Index. That payment, coupled with the volatility in the market, significantly hampered performance. Small-cap equities, represented by the Russell 2000 Index, were especially sensitive to negative market sentiment, periods of risk-off appetite, and news related to the U.S.-China trade war. The premiums received from writing put options each month during the fiscal period did provide modest downside protection. As a result, the Fund’s performance for the fiscal year was better than the performance of the Russell 2000 Index.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

The WisdomTree CBOE S&P 500 PutWrite Strategy Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the CBOE S&P 500 PutWrite Index (the ‘‘Index’’), utilizing a strategy of writing put options on the S&P 500 Index. The strategy is designed to receive a premium from the option buyer by selling (i.e. writing) a sequence of one-month, at-the-money, S&P 500 Index put options.

The Fund returned -4.72% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). U.S. equity markets saw significant periods of volatility during the past fiscal year, where the S&P 500 Index often lost value in periods of time much shorter than the one-month lifespan of the Fund’s option contracts. The premiums received from selling put options each month were not enough to capture significant upside when the market rallied, despite modest protection on the downside, and the Fund was not able to finish the fiscal year with positive performance.

Management’s Discussion of Funds’ Performance

as of August 31, 2019 (unaudited)

WisdomTree Managed Futures Strategy Fund (WTMF) (consolidated)

The WisdomTree Managed Futures Strategy Fund (the ‘‘Fund’’) seeks to provide investors with positive total returns in rising or falling markets that are not directly correlated to broad market equity or fixed income returns. The Fund is managed using a quantitative, rules-based strategy and invests in a combination of diversified futures contracts for commodities, currencies and interest rates.

The Fund returned -0.22% at net asset value (“NAV”) for the fiscal year ended August 31, 2019 (for more complete performance information please see the table below). The largest contributors to the Fund’s performance were its positions in natural gas and cotton. The largest detractors to the Fund’s performance were its positions in heating oil and corn. As of August 31, 2019, the Fund did not have any open exposure to either natural gas or heating oil. The Fund’s long exposure to natural gas in November 2018 captured a large spike in the price of natural gas due to its increased demand and limited storage. This position contributed significantly to the return to the Fund. The Fund’s short position in cotton also contributed to the Fund’s performance as the U.S.-China trade war intensified and the price of cotton slumped. The Fund’s long exposure to heating oil from September 1, 2018 through May 31, 2019, contributed negatively to performance due to the decreased global demand for oil and increased U.S. oil supply. The Fund’s long position in corn futures also detracted from the Fund’s performance, as U.S.-China trade frictions combined with larger-than-expected corn plantings reported by the U.S. Department of Agriculture caused corn prices to significantly fall in August 2019.